Safestore Regulatory News (SAFE)

21 March 2017

Safestore Holdings plc

("Safestore" or "the Company")

The notice of the Annual General Meeting (AGM) of Safestore to be held on Wednesday 22 March 2017 includes resolutions 13 and 14: the proposals to adopt a new Directors' Remuneration Policy and the Long Term Incentive Plan (LTIP), which is intended to replace the existing LTIP (the proposals).

Following consultations with shareholders, the Company announces that it no longer intends to seek shareholders' approval for the proposals. As a result, the existing Directors' Remuneration Policy as approved by shareholders at the 2014 AGM will remain in place to 31st October 2017 during which time the Company will seek shareholder approval for a new Directors' Remuneration Policy.

Chairman Alan Lewis said:

"After an extensive consultation process which resulted in amendments to and tightening of performance conditions, the Board had proposed a new and innovative long term incentive plan. Its central aim was to incentivise and reward a wider group of executive directors and senior management to drive corporate performance over the next five years.

While we have received considerable support from shareholders on the proposed structure it is clear that for others concerns remain. Under these circumstances the Board considers it appropriate to withdraw the remuneration proposals. The Board will continue to engage in dialogue with shareholders to find a solution that best meets the needs of all."

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For background

In the three years under the leadership of the executive directors and senior management team, the new strategy - which focused on improving Capital Structure, Operational Delivery and Portfolio Management - has resulted in earnings per share growth of 78% and the dividend per share increasing by over 100%. The delivery of the strategy has resulted in over £500m of value to shareholders, with the market capitalisation of the company trebling from c£260m to c£780m and, from October 2015, elevation into the FTSE 250 Index.